Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 18.90 CNY, compared to the current price of 15.63 CNY [1]. Core Views - The company's performance in the first half of 2024 met expectations, benefiting from multiple growth areas driven by AI [1]. - Revenue for the first half of 2024 reached 713 million CNY, a year-on-year increase of 22.30%, while net profit attributable to the parent company was 89 million CNY, a decrease of 16.06% [1]. - The company is a leading player in the global PCB drill market, with a market share of approximately 26.5% [1]. Financial Performance Summary - Revenue and Profit Forecasts: Expected revenues for 2024, 2025, and 2026 are 1.70 billion CNY, 2.07 billion CNY, and 2.56 billion CNY respectively, with net profits of 261 million CNY, 371 million CNY, and 462 million CNY [2][5]. - Earnings Per Share (EPS): Projected EPS for 2024, 2025, and 2026 are 0.63 CNY, 0.90 CNY, and 1.13 CNY respectively [2][5]. - Valuation Metrics: The company is assigned a 30x PE ratio for 2024, reflecting its growth potential in various sectors [1]. Business Segment Performance - Cutting Tools: Revenue from cutting tools in the first half of 2024 was 541 million CNY, up 12.10% year-on-year, driven by demand recovery in the PCB industry and AI applications [1]. - Smart CNC Equipment: Revenue for smart CNC equipment reached 24.18 million CNY, a significant increase of 265.50% year-on-year, with plans for increased international sales [1]. - Grinding and Polishing Materials: Revenue in this segment was 69.66 million CNY, growing by 28.58% year-on-year, with new product development targeting various industries [1]. - Functional Film Materials: This segment saw revenue of 68.37 million CNY, a remarkable growth of 146.34% year-on-year, with advancements in automotive light control film technology [1]. - Export Growth: The company reported overseas revenue of 35.14 million CNY, a year-on-year increase of 195.91%, with plans to expand into various international markets [1].
鼎泰高科：2024年半年报点评：业绩符合预期，受益AI多点开花